There's some promising info to report on this sequel: It has a different developer on PS3 and 360. Traveller's Tales has been ousted and replaced by Luxoflux, which is best known for its Vigilante 8 car combat titles and Activision's two True Crime games.
IGN's story on the game can be summed up thusly: It will have a larger number of playable Transformers than the first film's tie-in, will include a multiplayer mode and will take place in locales including Cairo and Shanghai. The site also lists versions for Wii, PS2, PSP, DS, PC and ... wait, no iPhone? Rolling out the game on Apple's emerging platform would certainly maximize your profits, Activision.
Check out the teaser trailer in all its "gameplay projected onto a logo" glory after the break.